Consensus earnings per share estimates for Goldman Sachs and Morgan Stanley have increased by over 20% in the last 15 months, primarily driven by strong sales and trading results.

The median earnings per share (EPS) growth for the seven banks and investment banks covered by HSBC was 23% in Q1 2026.

Investment banking divisions at major banks saw 29% year-on-year revenue growth in Q1 2026.

Saul Martinez predicts that while bank trading results will likely remain strong, it will be difficult to sustain 20% growth rates due to more challenging year-over-year comparisons.